Powell: Lower housing inflation is a big reason everyone thinks inflation will go down

• We've had our eyes on the whole housing inflation thing from the beginning
• Regarding the transitory mistake says 'if we ever see this pitch again, we'll know how to swing at it'
• The cost of failure to control inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term would be extremely high
• China faster reopening isn't expected to be a big net effect on the US
• We expect China's impact to be moderate overall
• Notes that oil prices could be affected by China reopening and notes that it's more of a concern for Europe
• As shortages and supply chain issues get better, we'll see corporate margins come down
• Most of the inflation comes from the service sector.

This statement is getting some attention:

"As I mentioned in my testimony, the data we've seen so far this year suggests that the ultimate level of rates will need to be higher, but we still have some more data to come in before the meeting. But as of today, it suggests a higher level than that."

Compared that with his testimony, which said:

" The latest economic data Economic Data Economic data typically comes in the form of news releases that are disseminated daily. This information is extremely valuable to retail and institutional forex traders, given the influence such data has on currency rates.Most of the major economic events that are released are reported by sovereign governments throughout the globe. Moreover, there are several economic data points that are released by private organizations that can also move the market.By and large, when new information becomes a Economic data typically comes in the form of news releases that are disseminated daily. This information is extremely valuable to retail and institutional forex traders, given the influence such data has on currency rates.Most of the major economic events that are released are reported by sovereign governments throughout the globe. Moreover, there are several economic data points that are released by private organizations that can also move the market.By and large, when new information becomes a Read this Term have come in stronger than expected, which suggests that the ultimate level of interest rates is likely to be higher than previously anticipated."

I don't see a difference there but he certainly isn't pushing back against market pricing that shows a 5.63% terminal rate. It's safe to mark down 5.50-5.75% for now but even if that's the consensus of the dots, it will be interesting to see where the weight of the outliers is.